Resilience Capital Partners has acquired steel processors Hynes Industries and Hynes Kokomo. The two companies will operate as a newly-formed platform company that will operate under the name Hynes Industries. Members of the founding Bresnahan family will retain a minority ownership stake in the business. The acquisition of Hynes is Resilience Capital Partners’ ninth platform investment for The Resilience Fund III, LP.
Hynes Industries is a manufacturer of rolled formed shapes, strip steel and flat wire. The company serves customers in the truck trailer, building and construction products, home and long-term care sectors. Hynes operates five plants totaling more than 270,000 square feet and maintains a domestic steel inventory that exceeds 36 million pounds. The company is headquartered in Youngstown, OH (www.hynesindustries.com).
“Hynes has developed a very strong reputation in the marketplace that is driven by their on-time delivery and quality record. They have an impressive track record and a great foundation from which we can launch our newest platform investment. We are excited and committed to rolling up our sleeves and working hard alongside the talented staff at Hynes right here in Ohio,” said Ki Mixon, a Partner at Resilience.
Resilience Capital Partners specializes in investing in middle market companies with $25 million to $250 million in revenues across a range of industries. The firm’s investment strategy is to acquire companies in a variety of special situations including underperformers, corporate divestitures, turnarounds, and orphan public companies. Since its inception in 2001, Resilience has acquired 40 companies under 23 platforms with over $2 billion in revenues. The firm is based in Cleveland (www.resiliencecapital.com).
“On behalf of the entire Resilience organization, we couldn’t be more pleased with the opportunity to partner with the Bresnahan family and build upon their 50 years of family ownership. This Resilience investment will ensure this company, based in Ohio, the heart of the industrial Midwest, will continue to be an industry leader and provide support to its customers as they expand and grow both nationally and internationally,” said Steven Rosen, Co-CEO of Resilience Capital Partners.
2014 PEPD • Private Equity’s Leading News Magazine • 8-22-14